Mortgage Offer, yet to Exchange, now partner losing job

[Deleted User]

Full stops everywhere except at the end.

andycrystal

davidmcn wrote: »

Or to put it another way, "I am considering committing mortgage fraud, would all of you mortgage brokers and lawyers please advise me what my chances are of being caught"?

Yes, basically. People on this forum must know how likely it is to be found out or not? Would anyone in the field be able to share?

Anyway, we are now intending to tell our broker once she has found new employment and before exchange of the contract. We will say that she is being made redundant and that she will be starting a new job after her current one finishes - assume that will be ok?

She should secure a job within a week or so

Thanks!

DarriHui

Do you have an update OP? What happened next?

andycrystal

Was absolutely fine. I actually sought advice from my mortgage advisor (independent from lender) as i couldn't sleep at night with worry and his words were 'lets pretend we never had this conversation'.

Ganga

andycrystal wrote: »

Was absolutely fine. I actually sought advice from my mortgage advisor (independent from lender) as i couldn't sleep at night with worry and his words were 'lets pretend we never had this conversation'.

So two of you were willing to comit morgage fraud?:eek:

minimike2

Wow. Mortgage broker willing to put a client at financial risk and commit fraud, as were you and your partner.

glentoran99

minimike2 wrote: »

Wow. Mortgage broker willing to put a client at financial risk and commit fraud, as were you and your partner.

wheres the financial risk? the OP already stated they could afford the mortgage with or without the partners wage? The had income that for one reason or another the mortgage lender wouldn't consider

minimike2

In my years of experience, people will say anything about what they can "afford" when it comes to the emotional purchase of a property.

The lender wouldn't have lent they amount they did without the income of the partner. There is a reason lenders have affordability assessments.

Regardless of what you think, the FACT here and that is that the OP failed to inform the lender of a material change and therefore obtained the mortgage by deception.

Mortgage_Adviser

minimike2 wrote: »

There is a reason lenders have affordability assessments.

This is not always black and white. The lenders affordability assessment doesn't necessary reflects the clients actual financial situation.

I had to do a mortgage for the couple recently where I had to recommend the mortgage term up to 80 yo. The reason for this was that as Mr has only been in his job for a few months and before that had a long employment gap due to redundancy from previous job. This meant that the lender would ignore Mr's salary and would regard him as earning nothing.
In my opinion the criteria like that is unreasonable and does not reflects clients current situation.